Bitcoin chart through a different lens.

[mikeywith]

It is hard to ignore the day by day price movements, the volatility, the noise, the news, the election, or the aftermath of eating a raw bat for dinner, sadly, most people use charts that print all of these details that are rather confusing and usually give an inaccurate representation of the real situation.

A great approach to look at any price chart for long-term analysis is by ignoring the candlestick and OHLC and sticking to the line chart which shows only the closing price of every period, and below is the monthly chart on the BLX chart with more than 10 years worth of data.





As seen in the chart, we are literally battling against the ATH monthly close of Dec 2017, a monthly close above $13,899 is all that the bulls need to push the prices to new all-time highs beyond $50,000 bitcoin.

On the contrary, if the price heads beyond 20k and fails to have a monthly close above $13,899 there is really nothing to be excited about, technically a monthly close at $15,000-$16,000 is much stronger than a wick through 20k, so keep an eye on these levels.

[STT]

Yea I was just looking at this and was going to post similarly, I put down a graph for monthly closing after the peak of summer 2019 just to gain a different perspective.  Normally I far prefer candlesticks because it's giving more data but a conclusion might come more easily from purely the most important price which is the close.
   We are very much in the scope of the 2017 action I agree, I think we can also reference the moving averages for how extended the momentum might be in pushing us upwards.   The current news wont determine BTC because news is not reflecting the monetary action just public sentiment, it amounts to noise in the majority not a leading factor.

[GreatArkansas]

Yea I was just looking at this and was going to post similarly, I put down a graph for monthly closing after the peak of summer 2019 just to gain a different perspective.  Normally I far prefer candlesticks because it's giving more data but a conclusion might come more easily from purely the most important price which is the close.
(....)

This year Bitcoin price action at $10,000 for me is more healthy compare to 2017 - 2018. A lot of wicks in 2017 -2018 bull market, that's why I am not using candlesticks wicks on analyzing chart on Bitcoin these days, the closing price is extremely significant, I can agree with you.
I compare the RSI of this run compared to 2017 - 2018, in which in December 2017 Bitcoin touched $14,000, we already in the oversold area, but this time, we just entered and more room to go compare the last time.

[NotATether]

That middle line is called a linear regression line, which according to Commodity.com is made by making a line that best fits all the closing prices for each day (they say points but it only makes sense to talk about closing points), and the two lines above and below have 68% of the prices between them, and 16% outside of each line.

I didn’t realize how easy it would be to make a linear regression line, it is certainly much easier to use than most other indicators. I mean, how easier can it get than two lines to pay attention to?

[slapper]

Wow, being a veteran trader but I swear I have never tried the line chart. This looks extraordinarily fascinating. I have made a check and use the monthly chart, it is certain that we are not only hit the old peak but also create a new ATH.

I am familiar with the candlestick chart and it is not very convenient for me when I have to change to another point of view. However, this is a whole new level. Thank you for enlightening me in a new way of observing the market

We will definitely go further than we were in 2017. Buckle up, ladies and gentlemen. We have just begun our first drive

[davis196]

Yep,the price is heading towards 15K USD and there's a clear FOMO phase in the crypto market.
However,I'm not happy with that,because I don't have enough Bitcoins and I missed the opportunity to buy cheap BTC during the past few months.Now,I'm too afraid to buy BTC,because the bullish trend might come to an end very fast,followed by a price correction.The big question is when the Bitcoin price correction will occur.

[Beparanf]

Line is the simplest way to determine the price trend of a certain but the reason why expert use it frequently is because the data it provides is very limited compared to candlestick that can give signal and pattern. The normal candle is a bit hard to predict a trend especially if the price is volatile. The only benefits you can get using line is determining the price in the long run which you stated above but for a normal trader that the normal trading stuff, it will not gonna work.

I recommend to used a Heikin Ashi candle. It's not sensitive on price volatility and you can see clearly the trend using same as using line on the graph.

[leea-1334]

As seen in the chart, we are literally battling against the ATH monthly close of Dec 2017, a monthly close above $13,899 is all that the bulls need to push the prices to new all-time highs beyond $50,000 bitcoin.

On the contrary, if the price heads beyond 20k and fails to have a monthly close above $13,899 there is really nothing to be excited about, technically a monthly close at $15,000-$16,000 is much stronger than a wick through 20k, so keep an eye on these levels.

Yes and now if the election results hold for a week,,, stock markets continue their rally or steadfastly hold in the same range,,, then I think this $14k monthly close will happen. I think a lot of people are expecting it too with Bitcoin mempool going down means their BTC is ready for storage or already on exchanges.

The 20k would just result in profittaking for sure.

[justdimin]

Well, we all know where the direction has went with. We have cracked $15.7k in some exchanges even though the average peaked at around $15.5k. At least we know that it is going to end up going higher, that is for sure, it did not go down like expected in case of a bear run and that at least tells us that it is "not bear" even if it doesn't say if it is bull or not.

I see that $50k+ would be a bit of a stretch because even people who bought today would be selling by that time, which means the sell pressure will be too strong and there will be not only hard cap resistance that would be near impossible to break but there will be people who keep adding fuel to sellers the higher it goes. However I do believe levels of $20k+ is quite possible within our reach very soon.